“Gold prices could be boosted by China’s plan to establish a $16bn (£10bn) fund to stockpile the precious metal as part of a scheme known as the ‘Silk Road’ initiative aimed at boosting trade. State endorsed media in China has reported that the new fund Shandong Gold Group and Shaanxi Gold Group will each take stakes of 35pc and 25pc respectively in the new fund alongside other investors. The new entity, which may include an exchange traded fund for gold and investments in miners of the precious metal, aims to raise the $16bn in three tranches, according to the report. China is the largest gold producer and consumer of the precious metal.”
Related posts:
CIA agents training Syrian rebels since late 2012
Glenn Greenwald and other NSA critics to testify before Congress
Decades after Eisenhower's warning, military spending may top $700 billion
IRS Seeks To Require Reporting Of All U.S. Bank Accounts
Monsanto unapproved GMO wheat was in Colorado government storage facility until 2011
China Awash in Money; Leaders Start to Weigh Raising the Floodgates
ECB bailout plan in jeopardy as Italy's voters reject conditions
Another Chinese Firm Defaults on Its Dollar Bond
New Jersey’s decision to allow post-Sandy email voting prompts firestorm of protest
ATMs being rolled out in Australia for online currency Bitcoin
What It’s Like to Live in a Surveillance State
Citi Economist: Abolish Cash To Enforce Negative Interest Rates
Puerto Rico’s Crisis Deals a Blow to Municipal-Bond Funds
European Central Bank sued by 200 investors over Greek debt deal
New turbine to capture energy from both wind and waves slated for testing